Crude oil futures declined on Monday morning following reports that operations have resumed at Russia’s Novorossiysk port, which was previously shut down due to a drone attack by Ukraine last week.
As of 9:56 AM, January Brent oil futures traded at $63.87, down 0.81%, while January West Texas Intermediate (WTI) crude oil futures were at $59.42, a decrease of 0.88%. In India, November crude oil futures on the Multi Commodity Exchange (MCX) were priced at ₹5285 at the start of trading, down 1.07% from the previous close of ₹5342, and December futures were at ₹5293, down 1.01% from ₹5347.
A Reuters report, citing two unnamed sources and LSEG data, indicated that Novorossiysk port had resumed oil loadings on Sunday after facing disruption from missile and drone attacks conducted by Ukraine the previous Friday. This port is crucial as it handles approximately 2.2 million barrels of oil daily, including Kazakhstan crude from the Caspian Pipeline Consortium (CPC) terminal.
Warren Patterson, Head of Commodities Strategy at ING Think, and Ewa Manthey, Commodities Strategist, noted in their Monday report that ICE Brent settled nearly 1.2% higher last week following a surge on Friday after the Ukrainian assault on the port. The subsequent resumption of operations contributed to lower oil prices early on Monday.
The oil market is projected to remain in significant surplus until 2026; however, supply risks are growing. The intensity of Ukrainian drone attacks on Russian energy infrastructure is increasing. In addition to the Novorossiysk attack, Ukraine reportedly struck Rosneft’s Novokuibyshevsk refinery, which has a capacity of 170,000 barrels per day.
Other geopolitical risks have emerged as well, such as Iran’s recent seizure of an oil tanker in the Gulf of Oman after it transited the Strait of Hormuz, a vital passage for global oil, with around 20 million barrels moving through it daily.
Additionally, U.S. President Donald Trump has warned of potential sanctions against nations engaging in trade with Russia, stating, “Any country that does business with Russia will be very severely sanctioned. They may add Iran to that.”
In related markets, November natural gas futures were trading at ₹396.10 on MCX, reflecting a 1.07% decrease from the previous close of ₹400.40. On the National Commodities and Derivatives Exchange (NCDEX), November jeera contracts were priced at ₹20375 during the initial trading hour, up 0.84% from the previous close of ₹20205. Meanwhile, December cottonseed oilcake futures were trading at ₹2890 on NCDEX, down 1.10% from ₹2922.
Published on November 17, 2025.
